VANCOUVER, April 26, 2018 /CNW/ - GoldMining
Inc. (the "Company" or "GoldMining") (TSX-V: GOLD; OTCQX: GLDLF) is
pleased to announce that it has entered into an agreement (the
"Agreement") with an arm's length vendor (the "Vendor") to
indirectly acquire the Narrow Lake property ("Narrow Lake" or the
"Property"). The Property includes the N1 and N2 claims,
which cover a total area of 618 hectares and are contiguous with
the southern boundary of the Company's Nicholas Lake-Ormsby property, one of the four
properties that comprise the Yellowknife Gold Project ("YGP"). With
this latest acquisition, the YGP will have an expanded total area
of 12,120 hectares upon closing.
The YGP has been the subject of substantial drilling,
underground development, metallurgical testwork and historic gold
production from the high-grade Discovery Mine, which the Company
acquired in July 2017.
Agreement
Pursuant to the Agreement, GoldMining will pay $50,000 cash and issue $38,000 in common shares of GoldMining ("GOLD
Shares") on closing and an additional $100,000 in cash or GOLD Shares, at the Company's
discretion, on the first anniversary of the closing date, in
consideration for the Property. The number of GOLD Shares issuable
shall be based on the volume-weighted average price of GOLD Shares
on the TSX Venture Exchange (the "TSX-V") for the ten trading days
immediately prior to the date of such payment. GoldMining
granted the Vendor a 1% net smelter royalty with respect to the N1
and N2 claims upon commercial production. The transaction is
subject to customary closing conditions, including, among other
things, receipt of requisite approvals. The parties currently
expect closing to occur by the end of May 2018.
Narrow Lake
Narrow Lake was part of the Morris Lake Project that was
explored by Viking Gold Exploration Inc. from 2009 to 2010.
Exploration programs included geological mapping, rock and lake
sediment geochemistry, geophysics (ground magnetic and
electromagnetic surveys) and shallow diamond drilling (2,539 metres
in 12 holes), which identified several conductors on strike with
the Ormsby gold deposit.
The Property has potential for both, bulk mineable gold
mineralization as outlined at the Ormsby deposit, located
approximately 300 metres to the northeast, and high-grade gold
mineralization, as mined from underground at the Discovery Mine
located 3 kilometres to the northeast. The Ormsby deposit was
the focus of extensive exploration by previous operators, including
surface and underground drilling (120,760 metres), underground
development (1,579 metres), bulk sampling and metallurgical
testwork. The Discovery Mine was in operation from 1949 to
1968 with estimated production of one million ounces of gold.
Reference to historical production at the Discovery Mine is for
informational purposes only and is not indicative of the Companyꞌs
potential future results at the YGP. Future exploration
programs would be designed to examine the potential for these
styles of mineralization on the YGP and at Narrow Lake.
Shares for Debt
The Company has, through a subsidiary, entered into a debt
settlement agreement and will issue 34,188 GOLD Shares in
satisfaction of $40,000 of debt owed
by the subsidiary to an arm's length creditor, at a deemed price of
$1.17 per GOLD Share. Such GOLD
Shares will be subject to a four month and one day hold period from
the date of issuance. The transaction will be completed on or about
the date hereof upon receipt of TSX-V approval.
Qualified Person
Paulo Pereira, President of
GoldMining Inc. has reviewed and approved the technical information
contained in this news release. Mr. Pereira holds a Bachelors
degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in
National Instrument 43-101 and is a member of the Association of
Professional Geoscientists of Ontario.
About GoldMining Inc.
GoldMining is a public mineral exploration company focused on
the acquisition and development of gold assets in the
Americas. Through its disciplined acquisition strategy,
GoldMining now controls a diversified portfolio of resource-stage
gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located
in the Western Athabasca Basin of
Alberta, Canada.
Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of GoldMining
with respect to its business and future events, including
expectations and future plans respecting the completion of the
acquisition of the Property and its projects. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
markets in which GoldMining operates, including that the
acquisition of the Property will complete as contemplated and that
the conditions under the Agreement will be satisfied.
Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including: that the parties may
not satisfy all of the conditions under the Agreement, the inherent
risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drill
results and other exploration data, the potential for delays in
exploration or development activities, the geology, grade and
continuity of mineral deposits, the possibility that future
exploration, development or mining results will not be consistent
with GoldMiningꞌs expectations, accidents, equipment breakdowns,
title and permitting matters, labour disputes or other
unanticipated difficulties with or interruptions in operations,
fluctuating metal prices, unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future, including to fund any exploration programs on
its projects, and that GoldMining may not be able to confirm
historical exploration results. These risks, as well as
others, including those set forth in GoldMiningꞌs filings with
Canadian securities regulators, could cause actual results and
events to vary significantly. Accordingly, readers should not
place undue reliance on forward-looking statements and information.
There can be no assurance that forward-looking information,
or the material factors or assumptions used to develop such forward
looking information, will prove to be accurate. GoldMining
does not undertake any obligations to release publicly any
revisions for updating any voluntary forward-looking statements,
except as required by applicable securities law.
Neither the TSX Venture Exchange, nor its Regulation Services
Providers (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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SOURCE GoldMining Inc.